\u00a01. NATURE OF OPERATIONS |
\u00a02. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| June 30, 2025 (unaudited) | December 31, 2024 | |||||||||||||
Cash and cash equivalents | $ | 23,206\u00a0 | $ | 19,521\u00a0 | ||||||||||
Restricted cash - non-current | 2,025\u00a0 | 1,825\u00a0 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 25,231\u00a0 | $ | 21,346\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | |||||||||||||
Cash and cash equivalents | $ | 23,206\u00a0 | $ | 19,521\u00a0 | ||||||||||
Restricted cash - non-current | 2,025\u00a0 | 1,825\u00a0 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 25,231\u00a0 | $ | 21,346\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | |||||||||||||
Cash and cash equivalents | $ | 23,206\u00a0 | $ | 19,521\u00a0 | ||||||||||
Restricted cash - non-current | 2,025\u00a0 | 1,825\u00a0 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 25,231\u00a0 | $ | 21,346\u00a0 |
\u00a03. INVENTORY, NET |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| Cannabis plants | $ | 3,070\u00a0 | $ | 3,621\u00a0 | |||||||
| Harvested cannabis and packaging | 8,946\u00a0 | 11,290\u00a0 | |||||||||
| Total raw materials | 12,016\u00a0 | 14,911\u00a0 | |||||||||
| Work in process | 7,046\u00a0 | 4,493\u00a0 | |||||||||
| Finished goods | 15,164\u00a0 | 16,734\u00a0 | |||||||||
| Total inventory, net | $ | 34,226\u00a0 | $ | 36,138\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| Cannabis plants | $ | 3,070\u00a0 | $ | 3,621\u00a0 | |||||||
| Harvested cannabis and packaging | 8,946\u00a0 | 11,290\u00a0 | |||||||||
| Total raw materials | 12,016\u00a0 | 14,911\u00a0 | |||||||||
| Work in process | 7,046\u00a0 | 4,493\u00a0 | |||||||||
| Finished goods | 15,164\u00a0 | 16,734\u00a0 | |||||||||
| Total inventory, net | $ | 34,226\u00a0 | $ | 36,138\u00a0 |
\u00a04. PREPAID EXPENSES AND OTHER CURRENT ASSETS |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| Prepaid expenses and deposits | $ | 2,862\u00a0 | $ | 3,452\u00a0 | |||||||
| Employee retention credit receivable | 1,809\u00a0 | 9,181\u00a0 | |||||||||
Assets held for sale | \u2014\u00a0 | 611\u00a0 | |||||||||
| Other current assets | 1,334\u00a0 | 1,786\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 6,005\u00a0 | $ | 15,030\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| Prepaid expenses and deposits | $ | 2,862\u00a0 | $ | 3,452\u00a0 | |||||||
| Employee retention credit receivable | 1,809\u00a0 | 9,181\u00a0 | |||||||||
Assets held for sale | \u2014\u00a0 | 611\u00a0 | |||||||||
| Other current assets | 1,334\u00a0 | 1,786\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 6,005\u00a0 | $ | 15,030\u00a0 |
\u00a05. PROPERTY, PLANT AND EQUIPMENT |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| Buildings and building components | $ | 91,273\u00a0 | $ | 89,124\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 50,958\u00a0 | 47,514\u00a0 | |||||||||
| Machinery and equipment | 24,054\u00a0 | 23,959\u00a0 | |||||||||
| Furniture, fixtures and office equipment (including computer) | 23,819\u00a0 | 22,597\u00a0 | |||||||||
| Construction-in-process | 4,796\u00a0 | 2,533\u00a0 | |||||||||
Total property, plant and equipment - gross | 207,856\u00a0 | 198,683\u00a0 | |||||||||
| Less: Accumulated depreciation | (63,126) | (54,620) | |||||||||
Total property, plant and equipment - net | $ | 144,730\u00a0 | $ | 144,063\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| Buildings and building components | $ | 91,273\u00a0 | $ | 89,124\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 50,958\u00a0 | 47,514\u00a0 | |||||||||
| Machinery and equipment | 24,054\u00a0 | 23,959\u00a0 | |||||||||
| Furniture, fixtures and office equipment (including computer) | 23,819\u00a0 | 22,597\u00a0 | |||||||||
| Construction-in-process | 4,796\u00a0 | 2,533\u00a0 | |||||||||
Total property, plant and equipment - gross | 207,856\u00a0 | 198,683\u00a0 | |||||||||
| Less: Accumulated depreciation | (63,126) | (54,620) | |||||||||
Total property, plant and equipment - net | $ | 144,730\u00a0 | $ | 144,063\u00a0 |
\u00a06. OTHER NON-CURRENT ASSETS |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| $ | 20,940\u00a0 | $ | 18,114\u00a0 | ||||||||
| Indemnification assets | 4,999\u00a0 | 4,808\u00a0 | |||||||||
| Net deferred tax assets | 5,672\u00a0 | 5,048\u00a0 | |||||||||
| Deposits and escrows - properties | 1,704\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 402\u00a0 | 422\u00a0 | |||||||||
| Other | 557\u00a0 | 158\u00a0 | |||||||||
| Total other non-current assets | $ | 34,274\u00a0 | $ | 30,273\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| $ | 20,940\u00a0 | $ | 18,114\u00a0 | ||||||||
| Indemnification assets | 4,999\u00a0 | 4,808\u00a0 | |||||||||
| Net deferred tax assets | 5,672\u00a0 | 5,048\u00a0 | |||||||||
| Deposits and escrows - properties | 1,704\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 402\u00a0 | 422\u00a0 | |||||||||
| Other | 557\u00a0 | 158\u00a0 | |||||||||
| Total other non-current assets | $ | 34,274\u00a0 | $ | 30,273\u00a0 |
\u00a07. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
Deferred income - ERC (1) | $ | 1,625\u00a0 | $ | 9,181\u00a0 | |||||||
| Goods received not invoiced | 2,768\u00a0 | 4,366\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 5,070\u00a0 | 4,095\u00a0 | |||||||||
| Operating lease obligations | 5,493\u00a0 | 4,966\u00a0 | |||||||||
| Accrued sales and excise taxes | 1,807\u00a0 | 1,928\u00a0 | |||||||||
| Accrued interest | 1,592\u00a0 | 1,531\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,465\u00a0 | 1,321\u00a0 | |||||||||
| Accrued professional and management fees | 907\u00a0 | 470\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 6,131\u00a0 | 4,928\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 26,858\u00a0 | $ | 32,786\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
Deferred income - ERC (1) | $ | 1,625\u00a0 | $ | 9,181\u00a0 | |||||||
| Goods received not invoiced | 2,768\u00a0 | 4,366\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 5,070\u00a0 | 4,095\u00a0 | |||||||||
| Operating lease obligations | 5,493\u00a0 | 4,966\u00a0 | |||||||||
| Accrued sales and excise taxes | 1,807\u00a0 | 1,928\u00a0 | |||||||||
| Accrued interest | 1,592\u00a0 | 1,531\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,465\u00a0 | 1,321\u00a0 | |||||||||
| Accrued professional and management fees | 907\u00a0 | 470\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 6,131\u00a0 | 4,928\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 26,858\u00a0 | $ | 32,786\u00a0 |
\u00a08. DEBT |
| Effective Interest Rate | Maturity Date | June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||||||
| Principal amounts: | |||||||||||||||||
| Second Lien Notes | 17% | December 2026 | $ | 86,209\u00a0 | $ | 80,131\u00a0 | |||||||||||
Term Loans | 26% | September 2026 (1) | 48,500\u00a0 | 48,500\u00a0 | |||||||||||||
| Acquisition-related promissory notes payable | 8% - 14% | October 2025 - April 2027 | 28,512\u00a0 | 22,289\u00a0 | |||||||||||||
| Mortgage loans | 6% - 10% | January 2027 - April 2028 | 28,759\u00a0 | 29,054\u00a0 | |||||||||||||
| Total debt subject to scheduled repayments | 191,980\u00a0 | 179,974\u00a0 | |||||||||||||||
Promissory notes payable to Sammartino (2) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | |||||||||||||
| Total debt | 213,480\u00a0 | 201,474\u00a0 | |||||||||||||||
| Less: debt issuance costs and original issue discounts | (13,566) | (15,267) | |||||||||||||||
| Total debt, net | $ | 199,914\u00a0 | $ | 186,207\u00a0 | |||||||||||||
| Debt, net - current portion | $ | 7,088\u00a0 | $ | 2,758\u00a0 | |||||||||||||
| Debt, net - non-current portion | $ | 192,826\u00a0 | $ | 183,449\u00a0 |
| Remainder of the year | 2026 | 2027 | 2028 | Total | |||||||||||||
| Second Lien Notes | $ | \u2014\u00a0 | $ | 86,209\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 86,209\u00a0 | |||||||
Term Loans | 2,425\u00a0 | 46,075\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 48,500\u00a0 | ||||||||||||
| Acquisition-related promissory notes payable | 175\u00a0 | 6,223\u00a0 | 22,114\u00a0 | \u2014\u00a0 | 28,512\u00a0 | ||||||||||||
| Mortgage loans | 338\u00a0 | 689\u00a0 | 9,396\u00a0 | 18,336\u00a0 | 28,759\u00a0 | ||||||||||||
| Total debt subject to scheduled repayments | $ | 2,938\u00a0 | $ | 139,196\u00a0 | $ | 31,510\u00a0 | $ | 18,336\u00a0 | $ | 191,980\u00a0 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Interest and accretion - Second Lien Notes | $ | 3,390\u00a0 | $ | 2,927\u00a0 | $ | 6,493\u00a0 | $ | 5,675\u00a0 | |||||||||||||||
Interest and accretion - Term Loans | 2,930\u00a0 | \u2014\u00a0 | 6,120\u00a0 | \u2014\u00a0 | |||||||||||||||||||
| Interest and accretion - Finance lease liabilities | 2,523\u00a0 | 2,404\u00a0 | 4,998\u00a0 | 5,072\u00a0 | |||||||||||||||||||
Interest and accretion - Promissory notes | 921\u00a0 | 1,282\u00a0 | 1,735\u00a0 | 2,656\u00a0 | |||||||||||||||||||
| Interest and accretion - Acquisition Facility | \u2014\u00a0 | 2,035\u00a0 | \u2014\u00a0 | 4,187\u00a0 | |||||||||||||||||||
| Interest and accretion - Mortgage loans and other financing activities | 605\u00a0 | 670\u00a0 | 1,207\u00a0 | 1,376\u00a0 | |||||||||||||||||||
| Capitalized interest | (43) | \u2014\u00a0 | (105) | \u2014\u00a0 | |||||||||||||||||||
| Total interest expense | 10,326\u00a0 | 9,318\u00a0 | 20,448\u00a0 | 18,966\u00a0 | |||||||||||||||||||
| Interest income | (107) | (247) | (229) | (351) | |||||||||||||||||||
| Total interest expense, net | $ | 10,219\u00a0 | $ | 9,071\u00a0 | $ | 20,219\u00a0 | $ | 18,615\u00a0 |
| Effective Interest Rate | Maturity Date | June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||||||
| Principal amounts: | |||||||||||||||||
| Second Lien Notes | 17% | December 2026 | $ | 86,209\u00a0 | $ | 80,131\u00a0 | |||||||||||
Term Loans | 26% | September 2026 (1) | 48,500\u00a0 | 48,500\u00a0 | |||||||||||||
| Acquisition-related promissory notes payable | 8% - 14% | October 2025 - April 2027 | 28,512\u00a0 | 22,289\u00a0 | |||||||||||||
| Mortgage loans | 6% - 10% | January 2027 - April 2028 | 28,759\u00a0 | 29,054\u00a0 | |||||||||||||
| Total debt subject to scheduled repayments | 191,980\u00a0 | 179,974\u00a0 | |||||||||||||||
Promissory notes payable to Sammartino (2) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | |||||||||||||
| Total debt | 213,480\u00a0 | 201,474\u00a0 | |||||||||||||||
| Less: debt issuance costs and original issue discounts | (13,566) | (15,267) | |||||||||||||||
| Total debt, net | $ | 199,914\u00a0 | $ | 186,207\u00a0 | |||||||||||||
| Debt, net - current portion | $ | 7,088\u00a0 | $ | 2,758\u00a0 | |||||||||||||
| Debt, net - non-current portion | $ | 192,826\u00a0 | $ | 183,449\u00a0 |
| Remainder of the year | 2026 | 2027 | 2028 | Total | |||||||||||||
| Second Lien Notes | $ | \u2014\u00a0 | $ | 86,209\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 86,209\u00a0 | |||||||
Term Loans | 2,425\u00a0 | 46,075\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 48,500\u00a0 | ||||||||||||
| Acquisition-related promissory notes payable | 175\u00a0 | 6,223\u00a0 | 22,114\u00a0 | \u2014\u00a0 | 28,512\u00a0 | ||||||||||||
| Mortgage loans | 338\u00a0 | 689\u00a0 | 9,396\u00a0 | 18,336\u00a0 | 28,759\u00a0 | ||||||||||||
| Total debt subject to scheduled repayments | $ | 2,938\u00a0 | $ | 139,196\u00a0 | $ | 31,510\u00a0 | $ | 18,336\u00a0 | $ | 191,980\u00a0 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Interest and accretion - Second Lien Notes | $ | 3,390\u00a0 | $ | 2,927\u00a0 | $ | 6,493\u00a0 | $ | 5,675\u00a0 | |||||||||||||||
Interest and accretion - Term Loans | 2,930\u00a0 | \u2014\u00a0 | 6,120\u00a0 | \u2014\u00a0 | |||||||||||||||||||
| Interest and accretion - Finance lease liabilities | 2,523\u00a0 | 2,404\u00a0 | 4,998\u00a0 | 5,072\u00a0 | |||||||||||||||||||
Interest and accretion - Promissory notes | 921\u00a0 | 1,282\u00a0 | 1,735\u00a0 | 2,656\u00a0 | |||||||||||||||||||
| Interest and accretion - Acquisition Facility | \u2014\u00a0 | 2,035\u00a0 | \u2014\u00a0 | 4,187\u00a0 | |||||||||||||||||||
| Interest and accretion - Mortgage loans and other financing activities | 605\u00a0 | 670\u00a0 | 1,207\u00a0 | 1,376\u00a0 | |||||||||||||||||||
| Capitalized interest | (43) | \u2014\u00a0 | (105) | \u2014\u00a0 | |||||||||||||||||||
| Total interest expense | 10,326\u00a0 | 9,318\u00a0 | 20,448\u00a0 | 18,966\u00a0 | |||||||||||||||||||
| Interest income | (107) | (247) | (229) | (351) | |||||||||||||||||||
| Total interest expense, net | $ | 10,219\u00a0 | $ | 9,071\u00a0 | $ | 20,219\u00a0 | $ | 18,615\u00a0 |
\u00a09. DERIVATIVE LIABILITIES |
Total Derivative Liabilities (1) | ||||||||
| Balance as of January 1, 2025 | $ | 3,128\u00a0 | ||||||
Derivative warrants issued (2) | 1,769\u00a0 | |||||||
| Fair value changes | (450) | |||||||
Reclassification to equity (2) | (1,377) | |||||||
| Balance as of June 30, 2025 | $ | 3,070\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
Stock price per share | $0.32 | $0.31 | |||||||||
| Risk-free annual interest rate | 3.74% - 3.84% | 4.24% - 4.35% | |||||||||
| Range of estimated possible exercise price | $1.00 - $2.086 | $1.00 - $2.086 | |||||||||
| Weighted average volatility | 96% | 93% | |||||||||
| Remaining life | 1.4 - 4.1 years | 2 - 4.6 years | |||||||||
Forfeiture rate | 0% | 0% | |||||||||
| Expected annual dividend yield | 0% | 0% |
| As of June 30, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
Stock price per share | $ | 0.32 | $ | 437\u00a0 | $ | (424) | $ | 0.31 | $ | 440\u00a0 | $ | (427) | |||||||||||||||||||||||
| Volatility | 96\u00a0 | % | 440\u00a0 | (464) | 93\u00a0 | % | 438\u00a0 | (465) |
Total Derivative Liabilities (1) | ||||||||
| Balance as of January 1, 2025 | $ | 3,128\u00a0 | ||||||
Derivative warrants issued (2) | 1,769\u00a0 | |||||||
| Fair value changes | (450) | |||||||
Reclassification to equity (2) | (1,377) | |||||||
| Balance as of June 30, 2025 | $ | 3,070\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
Stock price per share | $0.32 | $0.31 | |||||||||
| Risk-free annual interest rate | 3.74% - 3.84% | 4.24% - 4.35% | |||||||||
| Range of estimated possible exercise price | $1.00 - $2.086 | $1.00 - $2.086 | |||||||||
| Weighted average volatility | 96% | 93% | |||||||||
| Remaining life | 1.4 - 4.1 years | 2 - 4.6 years | |||||||||
Forfeiture rate | 0% | 0% | |||||||||
| Expected annual dividend yield | 0% | 0% |
| As of June 30, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
Stock price per share | $ | 0.32 | $ | 437\u00a0 | $ | (424) | $ | 0.31 | $ | 440\u00a0 | $ | (427) | |||||||||||||||||||||||
| Volatility | 96\u00a0 | % | 440\u00a0 | (464) | 93\u00a0 | % | 438\u00a0 | (465) |
\u00a010. EQUITY |
Non-Derivative (Equity) Warrants | Derivative Liabilities Warrants | Total Number of Warrants | Weighted - Average Exercise Price | ||||||||||||||||||||
Balance as of January\u00a01, 2025 | 50,518,536 | 21,400,000 | 71,918,536 | $ | 1.03\u00a0 | ||||||||||||||||||
Granted (1) | 8,010,626\u00a0 | \u2014\u00a0 | 8,010,626\u00a0 | $ | 0.48\u00a0 | ||||||||||||||||||
Balance as of June\u00a030, 2025 | 58,529,162 | 21,400,000 | 79,929,162 | $ | 0.98\u00a0 | ||||||||||||||||||
Exercisable as of June\u00a030, 2025 | 57,059,162 | 21,400,000 | 78,459,162 | $ | 0.98\u00a0 |
| Weighted average stock price | $0.33 | ||||
| Weighted average expected stock price volatility | 91.8% | ||||
| Expected annual dividend yield | 0% | ||||
Weighted average expected life of warrants | 5.0 years | ||||
| Weighted average risk-free annual interest rate | 4.1% | ||||
| Weighted average grant date fair value | $0.22 |
| Number of Stock Options | Weighted-Average Per Share Exercise Price | ||||||||||
| Issued and Outstanding as of January 1, 2025 | 26,769,419\u00a0 | $ | 0.79\u00a0 | ||||||||
| Granted | 840,000\u00a0 | $ | 0.30\u00a0 | ||||||||
| Cancelled/forfeited/expired | (3,300,667) | $ | 0.78\u00a0 | ||||||||
| Issued and Outstanding as of June 30, 2025 | 24,308,752\u00a0 | $ | 0.77\u00a0 | ||||||||
| Exercisable as of June 30, 2025 | 14,284,967\u00a0 | $ | 0.95\u00a0 |
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted average stock price | $0.29 | $0.70 | |||||||||
| Weighted average expected stock price volatility | 92.0% | 77.9% | |||||||||
| Expected annual dividend yield | 0% | 0% | |||||||||
| Weighted average expected life | 5.0 years | 5.1 years | |||||||||
| Weighted average risk-free annual interest rate | 4.0% | 4.3% | |||||||||
| Weighted average grant date fair value | $0.21 | $0.46 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Stock options | $ | 307\u00a0 | $ | 594\u00a0 | $ | (74) | $ | 1,949\u00a0 | |||||||||||||||
| Restricted stock | \u2014\u00a0 | 1\u00a0 | \u2014\u00a0 | 2\u00a0 | |||||||||||||||||||
| Warrants | 67\u00a0 | (248) | 141\u00a0 | (80) | |||||||||||||||||||
Total share-based compensation expense (forfeiture), net | $ | 374\u00a0 | $ | 347\u00a0 | $ | 67\u00a0 | $ | 1,871\u00a0 |
Non-Derivative (Equity) Warrants | Derivative Liabilities Warrants | Total Number of Warrants | Weighted - Average Exercise Price | ||||||||||||||||||||
Balance as of January\u00a01, 2025 | 50,518,536 | 21,400,000 | 71,918,536 | $ | 1.03\u00a0 | ||||||||||||||||||
Granted (1) | 8,010,626\u00a0 | \u2014\u00a0 | 8,010,626\u00a0 | $ | 0.48\u00a0 | ||||||||||||||||||
Balance as of June\u00a030, 2025 | 58,529,162 | 21,400,000 | 79,929,162 | $ | 0.98\u00a0 | ||||||||||||||||||
Exercisable as of June\u00a030, 2025 | 57,059,162 | 21,400,000 | 78,459,162 | $ | 0.98\u00a0 |
| Weighted average stock price | $0.33 | ||||
| Weighted average expected stock price volatility | 91.8% | ||||
| Expected annual dividend yield | 0% | ||||
Weighted average expected life of warrants | 5.0 years | ||||
| Weighted average risk-free annual interest rate | 4.1% | ||||
| Weighted average grant date fair value | $0.22 |
| Number of Stock Options | Weighted-Average Per Share Exercise Price | ||||||||||
| Issued and Outstanding as of January 1, 2025 | 26,769,419\u00a0 | $ | 0.79\u00a0 | ||||||||
| Granted | 840,000\u00a0 | $ | 0.30\u00a0 | ||||||||
| Cancelled/forfeited/expired | (3,300,667) | $ | 0.78\u00a0 | ||||||||
| Issued and Outstanding as of June 30, 2025 | 24,308,752\u00a0 | $ | 0.77\u00a0 | ||||||||
| Exercisable as of June 30, 2025 | 14,284,967\u00a0 | $ | 0.95\u00a0 |
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted average stock price | $0.29 | $0.70 | |||||||||
| Weighted average expected stock price volatility | 92.0% | 77.9% | |||||||||
| Expected annual dividend yield | 0% | 0% | |||||||||
| Weighted average expected life | 5.0 years | 5.1 years | |||||||||
| Weighted average risk-free annual interest rate | 4.0% | 4.3% | |||||||||
| Weighted average grant date fair value | $0.21 | $0.46 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Stock options | $ | 307\u00a0 | $ | 594\u00a0 | $ | (74) | $ | 1,949\u00a0 | |||||||||||||||
| Restricted stock | \u2014\u00a0 | 1\u00a0 | \u2014\u00a0 | 2\u00a0 | |||||||||||||||||||
| Warrants | 67\u00a0 | (248) | 141\u00a0 | (80) | |||||||||||||||||||
Total share-based compensation expense (forfeiture), net | $ | 374\u00a0 | $ | 347\u00a0 | $ | 67\u00a0 | $ | 1,871\u00a0 |
\u00a011. EARNINGS (LOSS) PER SHARE |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
Net loss | $ | (12,331) | $ | (1,938) | $ | (29,346) | $ | (20,293) | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
Weighted-average shares of common stock - basic and diluted | 195,196,597\u00a0 | 195,138,473\u00a0 | 195,196,597\u00a0 | 195,135,057\u00a0 | |||||||||||||||||||
Loss per common share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.06) | $ | (0.01) | $ | (0.15) | $ | (0.10) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Stock options | 24,545,305\u00a0 | 28,027,491\u00a0 | 25,108,643\u00a0 | 27,840,551\u00a0 | |||||||||||||||||||
| Warrants (derivative liabilities and equity) | 79,929,162\u00a0 | 88,564,891\u00a0 | 77,494,994\u00a0 | 88,237,693\u00a0 | |||||||||||||||||||
| Unvested restricted stock awards | \u2014\u00a0 | 1,861\u00a0 | \u2014\u00a0 | 1,861\u00a0 | |||||||||||||||||||
| 104,474,467\u00a0 | 116,594,243\u00a0 | 102,603,637\u00a0 | 116,080,105\u00a0 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
Net loss | $ | (12,331) | $ | (1,938) | $ | (29,346) | $ | (20,293) | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
Weighted-average shares of common stock - basic and diluted | 195,196,597\u00a0 | 195,138,473\u00a0 | 195,196,597\u00a0 | 195,135,057\u00a0 | |||||||||||||||||||
Loss per common share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.06) | $ | (0.01) | $ | (0.15) | $ | (0.10) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Stock options | 24,545,305\u00a0 | 28,027,491\u00a0 | 25,108,643\u00a0 | 27,840,551\u00a0 | |||||||||||||||||||
| Warrants (derivative liabilities and equity) | 79,929,162\u00a0 | 88,564,891\u00a0 | 77,494,994\u00a0 | 88,237,693\u00a0 | |||||||||||||||||||
| Unvested restricted stock awards | \u2014\u00a0 | 1,861\u00a0 | \u2014\u00a0 | 1,861\u00a0 | |||||||||||||||||||
| 104,474,467\u00a0 | 116,594,243\u00a0 | 102,603,637\u00a0 | 116,080,105\u00a0 |
\u00a012. REVENUE |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Retail | $ | 59,440\u00a0 | $ | 56,992\u00a0 | $ | 116,284\u00a0 | $ | 114,361\u00a0 | |||||||||||||||
| Wholesale | 5,606\u00a0 | 7,603\u00a0 | 12,608\u00a0 | 15,693\u00a0 | |||||||||||||||||||
| Total revenue, net | $ | 65,046\u00a0 | $ | 64,595\u00a0 | $ | 128,892\u00a0 | $ | 130,054\u00a0 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Retail | $ | 59,440\u00a0 | $ | 56,992\u00a0 | $ | 116,284\u00a0 | $ | 114,361\u00a0 | |||||||||||||||
| Wholesale | 5,606\u00a0 | 7,603\u00a0 | 12,608\u00a0 | 15,693\u00a0 | |||||||||||||||||||
| Total revenue, net | $ | 65,046\u00a0 | $ | 64,595\u00a0 | $ | 128,892\u00a0 | $ | 130,054\u00a0 |
\u00a013. OPERATING EXPENSES |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Salaries, wages and employee related expenses | $ | 14,591\u00a0 | $ | 14,192\u00a0 | $ | 28,740\u00a0 | $ | 28,339\u00a0 | |||||||||||||||
Depreciation and amortization expenses | 4,593\u00a0 | 3,827\u00a0 | 9,190\u00a0 | 7,105\u00a0 | |||||||||||||||||||
| Rent and related expenses | 3,034\u00a0 | 2,961\u00a0 | 6,231\u00a0 | 5,875\u00a0 | |||||||||||||||||||
| Professional fees and legal expenses | 1,855\u00a0 | 1,606\u00a0 | 3,780\u00a0 | 4,181\u00a0 | |||||||||||||||||||
Share-based compensation expense | 374\u00a0 | 347\u00a0 | 67\u00a0 | 1,871\u00a0 | |||||||||||||||||||
Gain on asset disposals and lease terminations | (3,424) | (2,626) | (3,298) | (2,676) | |||||||||||||||||||
Other expenses (1) | 4,299\u00a0 | 3,855\u00a0 | 8,258\u00a0 | 7,678\u00a0 | |||||||||||||||||||
| Total operating expenses | $ | 25,322\u00a0 | $ | 24,162\u00a0 | $ | 52,968\u00a0 | $ | 52,373\u00a0 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Salaries, wages and employee related expenses | $ | 14,591\u00a0 | $ | 14,192\u00a0 | $ | 28,740\u00a0 | $ | 28,339\u00a0 | |||||||||||||||
Depreciation and amortization expenses | 4,593\u00a0 | 3,827\u00a0 | 9,190\u00a0 | 7,105\u00a0 | |||||||||||||||||||
| Rent and related expenses | 3,034\u00a0 | 2,961\u00a0 | 6,231\u00a0 | 5,875\u00a0 | |||||||||||||||||||
| Professional fees and legal expenses | 1,855\u00a0 | 1,606\u00a0 | 3,780\u00a0 | 4,181\u00a0 | |||||||||||||||||||
Share-based compensation expense | 374\u00a0 | 347\u00a0 | 67\u00a0 | 1,871\u00a0 | |||||||||||||||||||
Gain on asset disposals and lease terminations | (3,424) | (2,626) | (3,298) | (2,676) | |||||||||||||||||||
Other expenses (1) | 4,299\u00a0 | 3,855\u00a0 | 8,258\u00a0 | 7,678\u00a0 | |||||||||||||||||||
| Total operating expenses | $ | 25,322\u00a0 | $ | 24,162\u00a0 | $ | 52,968\u00a0 | $ | 52,373\u00a0 |
\u00a014. INCOME TAXES |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Income (loss) before income tax | $ | (2,403) | $ | 7,391\u00a0 | $ | (10,440) | $ | (1,217) | |||||||||||||||
Income tax expense | $ | 9,928\u00a0 | $ | 9,329\u00a0 | $ | 18,906\u00a0 | $ | 19,076\u00a0 | |||||||||||||||
| Effective income tax rate | 413.2\u00a0 | % | 126.2\u00a0 | % | 181.1\u00a0 | % | 1567.5\u00a0 | % |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Income (loss) before income tax | $ | (2,403) | $ | 7,391\u00a0 | $ | (10,440) | $ | (1,217) | |||||||||||||||
Income tax expense | $ | 9,928\u00a0 | $ | 9,329\u00a0 | $ | 18,906\u00a0 | $ | 19,076\u00a0 | |||||||||||||||
| Effective income tax rate | 413.2\u00a0 | % | 126.2\u00a0 | % | 181.1\u00a0 | % | 1567.5\u00a0 | % |
\u00a015. RELATED PARTY TRANSACTIONS |
| Three Months Ended June 30, | Six Months Ended June 30, | As of | |||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||||||||||||||||||||||
| Nature of transaction | Related Party Expense | Related Party Expense | Related Party Payable | ||||||||||||||||||||||||||||||||
12% Second Lien Notes - interest expense and principal amount (1) | $ | (780) | $ | (575) | $ | (1,447) | $ | (1,152) | $ | (25,920) | $ | (20,096) | |||||||||||||||||||||||
Term Loans - interest expense and principal amount (2) | $ | (489) | $ | \u2014\u00a0 | $ | (972) | $ | \u2014\u00a0 | $ | (16,000) | $ | (16,000) | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | As of | |||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||||||||||||||||||||||
| Nature of transaction | Related Party Expense | Related Party Expense | Related Party Payable | ||||||||||||||||||||||||||||||||
12% Second Lien Notes - interest expense and principal amount (1) | $ | (780) | $ | (575) | $ | (1,447) | $ | (1,152) | $ | (25,920) | $ | (20,096) | |||||||||||||||||||||||
Term Loans - interest expense and principal amount (2) | $ | (489) | $ | \u2014\u00a0 | $ | (972) | $ | \u2014\u00a0 | $ | (16,000) | $ | (16,000) | |||||||||||||||||||||||
\u00a016. COMMITMENTS AND CONTINGENCIES |
\u00a017. FINANCIAL INSTRUMENTS |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
Financial liabilities: (1) | |||||||||||
Derivative liabilities (2) | $ | 3,070\u00a0 | $ | 3,128\u00a0 | |||||||
Contingent consideration liabilities (3) | \u2014\u00a0 | 5,912\u00a0 | |||||||||
| Total financial liabilities | $ | 3,070\u00a0 | $ | 9,040\u00a0 |
| June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
Financial liabilities: (1) | |||||||||||
Derivative liabilities (2) | $ | 3,070\u00a0 | $ | 3,128\u00a0 | |||||||
Contingent consideration liabilities (3) | \u2014\u00a0 | 5,912\u00a0 | |||||||||
| Total financial liabilities | $ | 3,070\u00a0 | $ | 9,040\u00a0 |
\u00a018. SEGMENT INFORMATION |
\u00a019. SUBSEQUENT EVENTS |